HARPER GOVERNMENT MAKES MAJOR INVESTMENTS TO SUPPORT INNOVATION IN PRINCE EDWARD ISLAND

May 24, 2012 -
Charlottetown, Prince Edward Island

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As part of the Government of Canada’s Economic Action Plan 2012, the Honourable Gail Shea, Minister of National Revenue, today announced investments to support and promote innovation and research and development in Prince Edward Island. This includes funding for projects to enhance Prince Edward Island’s reputation in sectors such as food processing, aqua-health and bioscience.

“Our Government’s top priority is creating jobs, growth and long-term prosperity. We recognize that innovation and research and development are crucial to a competitive economy and the creation of new, high-value jobs,” said Minister Shea, on behalf of Bernard Valcourt, Minister of State for the Atlantic Canada Opportunities Agency (ACOA) and La Francophonie. “The variety of projects being funded in Prince Edward Island speaks to the diversity of talent and expertise living and working in our province. From improved food processing technology to treating sea lice infestations in cultured salmon, our private and public sector research community is creating game-changing technologies.”

Today’s announcement is in support of 21 innovative research and development (R&D) projects in Atlantic Canada being funded under Competitive Round 2011 of the AIF. In Prince Edward Island, the Harper Government is investing $6.8 million in three new R&D projects under AIF.

The Request for Letters of Intent and Project Proposals for AIF Competitive Round 2012 is now underway. Private sector enterprises, universities, colleges and research organizations are invited to submit a letter of intent by 2:00 p.m. on June 28, 2012, followed by a project proposal by 2:00 p.m. on September 26, 2012, to apply for funding.

The Atlantic Innovation Fund encourages partnerships among private sector firms, universities, colleges and other research institutions to develop new or improved products and services. Hundreds of technologies, products, processes and services developed with the support of the AIF were successfully commercialized, resulting in millions of dollars in incremental sales.

As part of the Harper Government’s Economic Action Plan 2012, National Revenue Minister Gail Shea today announced investments to support and promote innovation and research and development in Prince Edward Island. This includes funding for projects to enhance the province’s reputation in sectors such as food processing, aqua-health and bioscience.

Minister Shea said that the government continues to invest in innovation and research and development because they are crucial for a competitive economy and the creation of new, high-value jobs.

In Prince Edward Island, the Harper Government is investing $6.8 million in three new R&D projects under the Atlantic Innovation Fund (AIF). This is part of a total investment of close to $49 million in 21 innovative R&D projects in Atlantic Canada. The application process for the next round of funding under the AIF was also announced.

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INFORMATION:

Cindy RoyDirector, CommunicationsACOA PEI & Tourism902-266-7569

Backgrounder

Prince Edward Island Projects

Charlottetown Metal Products

Charlottetown Metal Products Limited (CMP) specializes in stainless steel manufacturing and focuses on customized food processing equipment for the fruit and vegetable, red meat and shellfish industries. CMP has developed a proof-of-concept food processing technology they call the Continuous Flow High Pressure (CFHP) Steam Processor. This piece of equipment will be commercialized in the apple and shrimp processing industries. CMP proposes to undertake an R&D project to address the mechanical engineering and food science challenges associated with scaling up and optimizing the CFHP Steam Processor to take advantage of market opportunities. This project, with total estimated costs of $2.8 million, will receive approximately $2 million from the Atlantic Innovation Fund over a two-and-a-half-year period.

Novartis Animal Health Canada Inc.’s Aqua Health Business is the world leader in the research, development, licensing, and manufacturing of vaccines for aquaculture. Novartis will develop a package of sustainable treatments targeted at sea lice infestations in cultured salmon. By examining the host/parasite relationship at the genetic level, the company will develop detailed tests to assess resistance and enable accelerated treatment development. This project, with total estimated costs of $3.5 million, will receive approximately $2.6 million from the Atlantic Innovation Fund over a three-year period.

Proof-of-concept drug development work has been completed on a New Chemical Entity (NCE) (UPEI-100). Researchers will bring UPEI-100 through to Phase 2 clinical trials as a drug for stroke, Parkinson’s disease and Multiple Sclerosis. In addition to the potential benefits of fighting the diseases mentioned above, this project is linked to the bioscience sector and will yield economic benefits to the region. This project, with total estimated costs of $3.4 million, will receive approximately $2.3 million from the Atlantic Innovation Fund over a four-year period.